https://www.taxtmi.com/caselaws?id=10184 Where a competent statutory authority has accepted an assessee's closing stock under the sales tax law, income-tax authorities cannot, without any variation by that authority, disregard that accepted figure and make an addition under section 69 merely on the basis of a higher stock value found in seized documents. The accepted commercial tax return was treated as binding for income-tax purposes, so the Assessing Officer lacked jurisdiction to adopt the higher seized figure. On that basis, the differential stock addition was held not sustainable. en-us Fri, 23 Jul 2004 00:00:00 +0530 Fri, 10 Jul 2009 08:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10184 Where a competent statutory authority has accepted an assessee's closing stock under the sales tax law, income-tax authorities cannot, without any variation by that authority, disregard that accepted figure and make an addition under section 69 merely on the basis of a higher stock value found in seized documents. The accepted commercial tax return was treated as binding for income-tax purposes, so the Assessing Officer lacked jurisdiction to adopt the higher seized figure. On that basis, the differential stock addition was held not sustainable. Case-Laws Income Tax Fri, 23 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10184